ILGS Reigate Grammar School A Registered Company Limited by Guarantee Consolidated Financial Statements for the year ended 31 August 2024 together with Governors, and Auditor's reports Registered Company Number: 3954365 RegIS￿red Charity Number: 1081898 Relgate Grammar School - Consolidated Financial Statements for the year ended 31 August 2024 Report ofthe Governors for the year ended 31 August 2024 The Governors. who are also directors. present their annual report on the affairs of the Group, together with the financial sotements and auditor's report for the year ended 31 August 2024, and confirm that the financial statements comply with the requirements of the Companies Act 2006 and the Charities SORP (FRS102). Reference & Administrative Information Reigate Grammar School was incorporated as a company limited by guarantee in 2000 and has been granted exemption under S60 Companies Act 2006 from the requirement to use 'Limited' as part of its name. The liability of its members is limited to £ l each and it is also a registered charity. Micklefield School (Reigate) Limited, an independent preparatory school in Reigate, Surrey. merged with Reigate Grammar School on 28 June 2024. The four principal operating arms are Reigate Grammar School ('RGS'), and its three junior schools. Reigate St Mary's Preparatory & Choir School ('RSM' or 'Rei8ate St Mary's,), Chinthurst School (Chinthurst). and Micklefield School (Micklefield) together known as 'the Schools,. There is also a subsidiary charity, the ￿elga￿ Grammar School Trust ('RGS Trust,), 2nd two subsidiary trading companie5, Reigate Grammar School Trading Limited and Reigate Grammar School International Limited. Governors Mr Mark Elsey (Chair) * Mr Macthew Adshead (resigned 2 July 2024) Mr Duncan Ander50n (appointed 28 June 2024) Dr ShriSla Banerjee Mr Marc Benton * Mrs Mary Braughler-Edmund5 Mr Colin Cobain * rt (resigned I l March 2024) Mr Brian Day t (o * (resigned 17 March 2025) Mr Christopher Dixon t Mrs Johanna Hamilton t (appointed 28 June 2024) Mr Luke Herbert (resigned 17 March 2025) Mrs Maxine Hulme t Mrs Lisa Page Mrs Maggie Shipley Mrs Rebecca Sturt (appointed 28 June 2024) Mr Nicholas Weber Mr Edward Wheeler t Member of the Education & Welfare Committee Member of the Finance & Foundation Committee Member of the Estates & Premises Committee Member of the Governance & Risk Management Committee Headmaster- Senior Mr Shaun A Fenton MA MEd OBE Headma$ter- Reigate St Marfs Mr Marcus B Culverwell MA Headteacher- Chinthurst School Miss Cathy Trundle BA QTS Headteacher- Micklefield School Mr Ryan Ardé BA NPQH Bursar & Company Secretary Mr Stephen P Douty BA FCMA Address and Registered Office Reigate Grammar School Reigate R02d Reigate Surrey RH2 OQS page 1 Reigate Gi"ammar School - Coiisolidated Financial Statement5 for the yeai- elided 31 August 2024 Bankers Barclays Bank PIC Level 12. 1 Churchill Place London E145HP Auditor Haysmac LLP Statutory Auditor l O Queen Street Place London EC4R IAG Solicitors Goodyear Blackie Herrington LLP Oak House Tanshire Park Shackleford Road Elstead Surrey GU8 6LB Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Structure, Governance & Management Governing Document The Schools are governed by the Articles of Association last amended on 8 Sep￿Mber 2015. Governing Body The Governors aim to achieve a wide spread of knowledge and experience amongst its Board of Directors {"the Board.) members in order to fulfil its statutory obligations and determine the aims and overall conduct of the Schools. When vacancies on the Board arise, nominations are received and decision5 on whom to select for appointment are made at a general meeting of the Board. This procedure is reviewed by the Governance & Risk Management Committee of the Board, prior to decisions being Liken at full Board meetings. It is the Governors. policy that all Governors will be appointed to serve on at least one Committee of the Board. All Governors serve for an initial 3-year term after which they become eligible for re-election for up to two further 3-year terms. All Governors retire automatically at the end of their third 3-year term, with some exceptions. Governor Training New Governors are inducted into the operations of the Schoo15, and of the Group as a registered charity, including oard Policies and Procedures, via an initial information pack provided by the Bursar, as well as by attendance at Board Meetings and during term-time. at Governors, Days and P2rent l Teacher meetings. Workshops for all Governors are held on an annual basis. usually on a day that coincides with a full Board of Governors Meeting. They are also encouraged to attend external courses run by AGBIS and other relevant professional organisations. Organisational Management The Governors meet a5 a Board at least three times a year to determine the general policy of the Schools, as well as reviewing their overall management and control, for which they are legally responsible. Implementation of the Board's policies are carried out by several committee5 of which the principal ones are the Education & Welfare Committee, the Finance & Foundation Committee. the Estates & Premises Committee and the Governance & Risk Management Committee, all of which meet at least once a term. These Committees are currently chaired by Luke Herbert (to March 2025) and Lisa Page (from March 2025) (Education & Welfare), Marc Benton (Finance & Foundation), Brian Day (to March 2025) and Edward Wheeler (from March 2025) (Estates & Premises) and Maxine Hulme (Governance & Risk Management). page 2 Reigate Grammar School - Coiisolidated Financial SLatement5 for the yeai. elided 31 Autrust 2024 The day-to-day running of the four schools (Reigate Grammar School, Reigate St Mary's Preparatory & Choir School, Chinthurst School and Micklefield School) is undertaken by the Headteachers of each school and the Bursar. These five individuals are the key management personnel. The Board sets remuneration. with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the Schools. success. Objects, Aims, Objectives & Principal Activities Our object remains the education of boys and girls at our schools in or near Rei8ate. Aims and Intended Impact Within the main objec( the aim5 of the charity are: To continue the traditions of the Schools in providing an excellent all-round education to talented students aged between two and eightsen from a wide range of social backgrounds. To stimulate intellectual curiosity in all areas of learning and to enable students to fulfil their academic potential. To provide a disciplined and caring environment that will encourage boys and girls to develop into morally and socially responsible young people. To provide all students with the essential skills and experiences that will equip them for the world outside School. To ensure that the development of these intellectual. physical. creative and social abilities is conducted in a happy and mutually respectful environmenL Ethos The Schools operate as a charity that seeks to provide the best possible education to our students and thereby to provide public benefit. Our fees are set at a level to ensure the financial viability of the Schools and at a level that is consis￿nt with the above aims. Our Schools are committed to safeguarding and promoting the welfare of our students and we expect all Staff and volunteers to share this commitmenL The Schools. child protsction policies may be accessed in full on our websices. Admission to the Schools The Schools welcome students from all backgrounds. To admit a prospective studen( we must feel reasonably sure that we will be able to educats and develop the prospective student to the best of his or her potential and in line with the general standards achieved by the Student's peers. Entrance interviews and. where appropriate, academic assessments are undertaken to satisfy parents and ourselves that potential students can cope with the pace of learning and will benefit from the education we provide. Prospective students are judged solely by the above criteria. which are published in more detail on the Schools, websites. The Schools are open to all students who meet these criteria regardless of gender, ethnicityi race, religion or disability. Our Schools pride themselves on being an inclusive institution that embraces equal opportunities for all. We are committed to providing an environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion. gender, sexual orientation or di5abiliry. We make reasonable adjustments to meet the needs of staff or students who are or become disabled. Grant-making policy This academic year the net cost of scholarships, bursaries, sibling and staff discounts made to the Schools. students were £3,718,299 (2023: £3,665.364) which is l 0.0% of gross income (2023: 11.0%). Details of the value of awards are also set out in Note I to the accounts. a) Bursaries (Reigate Grammar School only) The Governors are determined to ensure that they provide education to students from a wide range of backgrounds. To achieve this aim, funds are provided each year to help families who cannot afford the full fees. This provides assistance to those who meet our general entry requirements and awards are made solely on the basis of parental means. All bursaries are mean5-tested, including Harrison scholarships, Gershon scholarships and 1675 scholarships. Funds for the Harrison. the Gershon and 1675 scholarships are supported by external philanthropic donation5. page 3 Reigate Grammai. School - Con501idated Financial Statement5 foi. the year elided 31 August 2024 In assessing parents, means, we take a number of factors into consideration including family income, investments and savings, and family circumstances. for example, dependant relatives and the number of siblings. Donation of funds from external sources as a contribution towards funding our awards helps the school in its objective of ensuring a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. The value of a Bursary ranges from l 0% to l 00% remission of fees. In cases of extreme hardship, we sometimes also offei" help with extras such as school transpor¢ lunches and uniform. Information about our Bursary scheme is included in the prospectus and on the school's website. Harrison Scholarships (Reigate Grammar School only) The school is delighted to be able to work with a local charity, The Peter Harrison Foundation, which has 5UPPOrted School bursaries for many years. Families who live in the borough of Reigate and Banstead who are applying for a place at Reigate Grammar School may receive bursary support made possible by the annual donation of the Peter Harrison Foundation (Charity No. 1076579). Approximately four bursary recipients each year are known as Harrison Scholars. Further detsils can be found at www. eterh rr nf undation.or 1675 Scholarships (Reigate Grammar School only) From donations provided largely by alumni and others with an interest in the school's wellbeing, the 1675 Bursary Fund supports the provision of1675 Scholarships. During the academic year, thirteen new 1675 Scholarships were awarded (2023.. fourteen), bringing the total number of1675 Scholars currently in school to 62 (2023: 59). including one Gershon scholar. Details ofthe1675 Bursary Fund can befound in Note 16 on pages 46 to 48, and the role ofthe RGS Foundation is described on page 19. Temporary Bursaries (all schools) These provide short-term a55iStance only and are offered to relieve hardship where 2 Student's education and future prospects would otherwise be at risk. for example, in the case of the redundancy of a parent. b) Scholarship policy (Reigate Grammar School only) The purpose of our scholarship awards is to recogni5e either high academic potential. or the ability to excel in Sport. Music or the ability to excel in our extra-curricular activities. Scholarships are awarded with a remission of up to 25% of fees per annum, but where further assistance is required. awards may be supplemented by a means-tested Bursary. Further details of our scholarships are available on our website. c) Choral Scholarships During the year ended 31 August 2024 the Godfrey Searle Choir, a semi-professional choir of boys and girls, which draws its boys and gir15 exclusively from RSM and RGS* provided scholarships with £l.000 per annum remission of fees in return for singing at Services in St. Mary's Parish Church and elsewhere. Children normally enter the choir at the age of eight whilst at Reigate St. Mary's, but can continue through to RGS until the age of 13. The choir makes a major contribution to the musical life of the Schools. d) Sibling discounts To underline the value we place on continuity for families. we offer sibling discounts where parents have more than one child at the Schools: a 5°A discount is allowed in respect of the second child. and a IO% discount for the third and any subsequent children. e) Staff discount In order to enable us to attract and retain the very best quality Staff, we offer a discount scheme for members of staff who educate their children at our Schools (subject to the normal entry requirements). page 4 Reigate Grammar School - Consolidaled Finaiicial Statemeiits for the year ended 31 August 2024 Objectives for the Year The principal objective for the year has been maintaining and improving the educational provision across the Schools. This include5 not only the academic standards as measured by public examinations, but also the extra-curricular life of the Schools. Other objectives have included.. The maintenance of student numbers at Reigate Grammar School above 1,000, Reigate St Mary's above 370, and Chinthurst School above 250,. The provision of continuing support of our students already in receipt of fee assistance through Bursaries. To continue to develop and extend the School estates. and To retsin and develop our teaching and support staff. In setting our objectives and planning our activities our Governors continued to give careful consideration to the Charity Commission's general guidance on public benefit. Strategies to achieve the year's objectives Each year, the Governors agree the School Development Plan for the Schools. These plans outline attions and tarsets for each of the strategic priority medium term development goals. Governors review progress for each of the medium- term development goals, which have a strategic priority at the appropriate commitcee meetings and at each full Board meeting, The continuing improvement of academic standards at Reigate Grammar School is achieved by further use of value- added data to track the progre55 of students against national standards, supported by an extensive performance management system to deliver high quality professional developmenc to all teaching staff. The school also remains committed to its sporting and cultural programme and has ensured that students continue to receive the broadest possible range of opportunities. At Rel￿te SL Mary's the System of staff performance reviews has continued to ensure both consistency and delivery of quality throughout the school. Heads of Department are required to draw up action plans for their areas of responsibility to meet the objectives of the School Development Plan. The enhancements previously made to the admissions proce55 to ensure better targeting and follow up of all potentially interested parents have again proved to be very effective with Student numbers remaining close to full capacity on 31 August 2024. At Chinthurst School additional market research has been performed to ensure that the school focuses its resources in the right areas and also puts in place measures to strengthen the marketing and PR of the school, in order to continue to expand its pupil numbers, Chinthurst has recruited additional teachers and teaching support staff to ensure it retains quality teaching provision for its pupils. At Micklefield. there has been significant emphasis on enhancing marketing and admissions efforts trj draw more families to its events and activities. with a particular focus on increasing pupil numbers in the lower school. Priority is also being placed on optimising resources and upgrading facilities to ensure exceptional curriculum opportunities for all children. Principal activities of the year As stated above, the Charity's main object is the provision of day school education, in or near Reigate. to both boys and 8ir15. Students up to the end of Year 6 (age I l ) are educated at Reigate St. Mary's, Chinthurst and Micklefield (from 28 June 2024) and those in Years 7 to 13 at Reigate Grammar School. The objectives listed above had 211 been met by the end of the year. Student numbers in Reigate Grammar School reached 1,127, with Reigats St Mary's and Chinthurst ending the year with pupil numbers of 404 and 303 respectively. Micklefield had 250 pupils at the end of the year. Future applications to all four schools remain healthy. The Governors, policy is to set tuition fees at a level that covers both ongoing operational costs and the need to reinvesL as appropriate. in new facilities. Termly fees for the current academic year 2024125 can be found on each school's website. page 5 Reigate Gi-ammai- School - Coiisolidated Financial Statemeiits for the year elided 31 August 2024 Public benefit The Schools demonstrate their public benefit in the following ways: High quality education The Schools provide a public benefit through the provision of high-quality education. In 2023124. 81% of Year 6 students ac RSM were awarded places ar RGS, whllsE 24 Chlnrhur5r puplls accepred places ar RGS (whlch Is 57% of pupils). amongst other independent secondary schools. Micklefield's forty Y6 pupils achieved 70 offers to local independent senior schools, including 39 scholarships. At RGS. 97% of all A-Level grades were A* to B, with 77% of grades being either A or A* We are proud to note that we have a l 00 per cent pass rate for over 20 years running. At GCSE 73Yo of grades awarded were grades 8 or 9 while 90% of grades were 7 or better. Bursaries The Governors, aim is to enable all students who fulfil our admission criteria to be able to attend RGS. To facilitate this, RGS provides means-cested Bursaries, and Temporary Bursaries. which can be up to l 00% of full fees. In the year ending Au8USt 2024, we were able to provide bursary funding worth £2,408,651 (2023: £2,398,272). A proportion of these bursaries are funded by RGS'S 1675 Bursary Fund which contributed £1,250,000 (2023: £1,125,000), an external charity, the Peter Harrison Foundation (Charity No. 1076579), which contributed £142,899 (2023: £131.920), as well as a Bursary Fund established by Sir Peter Gershon to support individuals who excel in STEM subject5. After the contribution of the RGS Trust co bursary funding of £3,000 in the year {2023.. £3.000), the net cost of bursaries to the Schools was £1,012.752 (2023- £1,138,352). In cases of extreme hardship, RGS also subsidises other expenses such as uniform, school meals, transport and school trips. Partnerships and use of facilities Throughout last year there were several Outreach and Partnership ventures by the Reigatian Community. At RGS. we raN Master Classes for our local primary schools. The MFL, Computing. and Maths Master Classes were hosted by our teachers and sixth form pupils. The events were wonderfully received and enjoyed by our local community. Students have had the opportunity to help younger pupils with their reading at our local state primaries of Sc John's, Reigate Parish. St Paul's, Hatchlands. Lime Tree and St Joseph's. Pupils a150 made a weekly visit to Beaumont Care Home where they played cards and scrabble with the elderly residents and performed music for them. Pupils visited Stripey Stork. a charity for vulnerable local families. where they helped with 50rting items in its warehouse and with raising awareness. Throughout the year we have also reached out to our RGS community to help with donating stationery, toiletries, and coats to Stripey Stork. We have continued our Partnership with local charity Loveworks,. pupils of the third form have been visiting the warehouse weekly, fundraising at RGS, and raising awareness on the street5 of Reigate. We ran non-uniform days to raise money for Loveworks, Giant Pledge and Tadworth Children's TrusL In the Autumn Term. First 2nd Second Form student5 baked cakes for the Macmillan Big Coffee Morning, raising over £500; at Christmas time all the pupils of the First Form wrote Christmas cards to the residents of the Live at Home Scheme. In November I st Formers also took part in a giant Zumbathon to raise money and awareness for Lepra. In the Spring term, pupils from our charity committee took part in the St Catherine's Youth Enterprise Projec( raising over £3,500 with activities like school discos and film nights. We also ran our state primary book club. where five state schools attended to discuss books donated to them by RGS. Thi5 term also saw two non-uniform days for The Lucy Rayner Foundation and St Catherine'5 H05pice. In the summer term we had two more non-uniform days for Stripey Stork and Brooklands School. In addition. we held our Treasure Hunt for new First Formers at RGS to raise money and awareness for Brooklands School. In August the Surrey Young Carers used our site for a day of activitie5 Wlth their young carers. Throughout the year children from the Surrey Young Carers have also been invited to school productions. page 6 Reigate Grammai. School - Consolidated Financial Statemeiits for the yeai- elided 31 August 2024 House Charities have also continued to raise awareness and money for local charities, with Cranston making George and the Giant Pledge its House Charity. Throughout the year we have lent our minibuses to many local schools and charities. RGS hosted all the water stations at Run Reigate. Our Head of Careers also regularly volunteers to go into state secondary school to give careers advice and mock interviews. We hosted and funded a netball tournament for local primary schools 2nd we also hosted and funded RGS Cricket festival for local primary schools. We also hosted District Sports for all the local state schools at Hartswood this year. The Drama department took its puppet show to local primary schools and the Music department taught music at Lime Tree School. At RSM the Sports Hall is used widely by local community sports groups for cricke¢ badminton, five-a-side football and by local youth groups for both the Baptist and Anglican churche5, including Sunday morning church activities. At Chinthurst, the Sports Hall is used by external clubs and the local resident association, and swimming lessons are provided to local children in the school's on-site swimming pool, including children from a local state school. The Arts The Schools provide a public benefit by promoting music. drama and art. Concerts and plays are held regularly. often outside the Schools and open to the public. Local primary and preparatory schools are often invited to performances at no cosL both for school productions and for performances ￿'Ven by outside groups. The Godfrey Searle Choir, a semi-professional choir of boys and girls. with some adult choristers. sings services regularly at churches in the local area as well a5 further afield. and RSM is 2 member of the Choir Schools, Association. The RGS Activities Weel which runs for a week at the end of each summer term, holds performances, exhibitions and workshops, which are open to the public. Sports The Schools provides public benefit by providing coaching in amateur sports including rugby* football, hockey, netball, cricket, athletics, tennis, badminton, squash, golf and swimming. Students are encouraged to develop to the best of their ability and many have gone on to county and international honours. Students frequently play for local clubs, especially the Old Reigatians Rugby and Hockey clubs, and Reigate Priory Hockey and Cricket clubs. Outdoor Activities The Schools promotes a healthy lifestyle amon8St their students. including taking part in outdoor activities. All students over the age of14 are encouraged to join either the Duke of Edinburgh Award Scheme or the Combined Cadet Force, both of which teach leadership skills, self-reliance, teamwork. and community understanding. The Combined Cadet Force also contributss to the promotion of the efficiency of the Armed Forces. Strategic Report Review of Activities 2023-2024 - Reigate Grammar School Examination Results Reigate Grammar School's A Level results with 97% of all grades being A* to 8, 77Yo of grades being either A or A* and 46% of grades at A* demonstrates the continued success of the school. At GCSE 73°A of grades were 8 or 9 while 90Y. of grades were 7 or better. For the ninth year running, all RGS students applying to medical, dental and veterinary schools gained an offer and secured their place. This is testament to the students, hard worK the dedication of their tsachers and the effectiveness of the school's programme which prepares students for medical school application. Careers and UCAS The Careers department held careers talks every two weeks providing up-to-date information for students on a wide range of career options. We now have a large bank of recorded presentations on our Careers website kr ers rei ate rammar.or . We are now running a mixed programme of online and face-to-face events; there was a law evening* an allied health careers evening and an evening for 'Careers that do not require STEM A Levels or degree,. The Higher Education Information evening featured a presentation on 'How to choose your course and university. 2nd page 7 Reigate Grammar School - Consolidated Financial Statements foi- the yeai" ended 31 August 2024 how to make yourselves excellent candidates for university, from Mike Nicholson (Director of Undergraduate and Postgraduate Admissions at University of Cambridge). We also had presentations on apprenticeships and Oxbridge admissions. We held an online universitylapprenticeships evening in February with 30 former RGS students describing their experiences since leaving the school. In the Summer Term students also enjoyed a face-to-face Q&A with former RGS univer51ty students about their university courses. Students had practice university interviews run mainly by RGS parents and former pupils, and the teachers ran mini-medical interviews for prospective medics, dentists and vets. Fifth and Lower Sixth Form student5 took part in a careers profiling and interview exercise with follow up interview with an external provider; 2nd students and parents were invited to attend a CV and interview preparation cvcning. Every year group had a careers lesson during Careers week, and Fourth Form students all undertook a 5-week careers course. there was also a 5-week careers course for Third Form students within the electives programme. Lower Sixth Form students had a UCASlalternatives preparation course, two UCAS days and trips to University of Oxford, Imperial and UCL. A weekly newsletter included ideas for online courses, work experiences and reading that students could undertake at home. In addition, the Careers department offered feedback on student CVS. Combined Cadet Force {CCF) With cadet numbers exceeding l 00 for the first time in several years. the RGS CCF is poised to offer an even broader array of exciting opportunities. This year. over 60 cadets participated in the three-day Festival of Remembrance, which once again included the distinguished Lord Mayor's Show in London. In addition, a number of cadets had the opportunity to engage in both the CCF and DofE programmes simultaneously. and our expanding partnership with Reigate School now sees forty cadets joining us on a weekly basis. A particular highlight this year has been the exceptional achievements of our cadets. One cadet was honoured with the prestigious title of First Sea Lord Cadet and was also awarded a flying scholarship with the Royal Navy, marking a significant milestone in their career. Furthermore, we are pleased to announce the relaunch of our fundraising event in support of the ABF Charity, reinforcing our ongoing commitment to service and community. Looking ahead, we are excited to embark upon several weekends of adventurous training during the Easter holidays. as well a5 the summer camp in the first week of the summer holiday. Through new partnerships with other local CCF units, we are further expanding the opportunities available to our cadets, including joint range days with neighbouring schools. We remain enthusiastic about nurturing these relationships and continually enhancing the range of experiences offered to our cadets. Drama Drama performed a full programme of shows. including a full-scale production of the Dickens classic A Christmos Carol, featuring student5 from the Second to the Upper Sixth Form working collaboratively together. Nearly 300 students took part on stage and backstage in our musical production of Anything Goes* performed at the professional Leatherhead Theatre. The show not only featured a live orchestra, huge and elaborate purpose-built sets, beautiful 1930s costumes and wonderful performances. but it also featured an appe2rance from the entire First Form, making their RGS Drama debuts in style. The show was brilliantly received by sold out audiences throughout its run, including two full matinees of students from RGS as well as local prep 2nd primary school children. Theatre trips for various year groups saw Oh Whot A Lovely Wor. Metamorphosis. The Crucible. Blood Brothers, The Womon In Block and That Foce, amongst others. The First Form returned to Leatherhead to perform in the annual First Form production, showcasing their classwork in a fantastic environment, cheered on by family and friends. The summer term saw the Concert Hall transformed into Neverland, for an exciting staging of Peter Pan, directed by Old Reigatian and professional actor Matthew Burns. who then went on to star in the East End transfer of The Curious Case of Benjomin Button. Exam Drama continued to Stretch and harness the political and social brains of the students, with GCSE devised performances exploring topics including the radicalisation of young men, the climate crisis. the education system and gambling addiction. GCSE scripted exams ranged from Harold Pinter to Caryl Churchill, and were excellently received by the exam board, who were effusive in their praise for the depth and quality of the work. A Level work included a reworking of the Ibsen classic A Doll s House in the style of physical theatre company Shared Experience, which explored the impact of coercive control in relationships. Duke of Edinburgh Award (DotE) RGS has continued to thrive in the DOE department with 229 students completin8 and receiving their Bronze, Silver and Gold Awards in April. In May many RGS students attended the Gold Award ceremony at Buckingham Palace. celebrating their huge achievement and met the Duke of Edinburgh. page 8 Reigate Gi-ammar School - Consolidated F71iaiicial Statements for tl)e yeai. ended 31 August 2024 This year another 290 students took on one of these challenges for 2023-2024. 164 students started their Bronze Award in January which involved two expeditions in the Surrey Hills with many camping withoLtt parents for the first time. Their adventure involved hiking for around 25km over two days. navigating along the Surrey footpath5 Wlth their small team. The Silver Award students took on the next challenge with expeditions in both the North and South Downs, hiking over 130km in total with a particularly wet and windy October hike! Those who thrived at Bronze and Silver then chose to take on task of Gold DofE in Wales with hikes in July and August. The qualifying hike brought challenges with the weather and difficult terrain, but all the Students rose to the occasion and emerged at the seafront finish with smiles on their faces. In addition to the expeditions, DofE involves committing time and effort to learning something (skill 5ection}, practising a sport (physical section) and helping the community (volunteering section). Each participant spent one hour a week on each section, logging their progress each time. Many of our Bronze students volunteered at RSM, helping younger students or spent time conserving the local environment with Reigate Action ConseNation Volunteers (RACV). A large number of Gold students volunteered to help teach and inspire the new Bronze students about DofE by acting as Gold Award Leaders. The m05t popular sports were crickeL hockey and football with a few more unusual activitie5 including Jujitsu and fencing also being chosen. Interesting skills learnt included floristry, kiln building and gardening and many students chose to try somethin8 new. RGS consistently continues to be one of the most successful DofE school units in the country and an ever-popular part of School life for our students. House System The House system at RGS continues to bring students and staff together as a community to enjoy a wide range of opportunities for participation and friendly competition. The year once again began with the highly anticipated House Singing,. both the unison and harmony performances filled the Sports and Concert Halls with joyful sound and high spirits. The Autumn Term continued with enthusiastic participation in events from the traditional Gun Run. Senior Debating and Senior Quiz to the newer Esports competitions. The term ended with the introduction of the House Christmas Market. Running alongside the ice rink at lunchtimes in the final week, students enjoyed a range of fun games whilst raising an impressive £600 for the House charities. The year continued with a plethora of activities such as Che55. Bake Off, Junior Debating, Pokémon. a Science challenge, the Junior Quiz and the Tug of War. these were all as hotly contested as ever. There was superb participation and competitive spirit demonstrated in House Sports throughout the year. With competitions in Rugby, Hockey* Netball. Football, Golf, Swimming, Tenni5, CrickeL Ultimate and Rounders - as well as the annual athletics competition on Sports Day- there really was something lor everyone. Of course, the House system at RGS is about so much more than competition, with Friday assemblies and family gatherings continuing to provide opportunities for students co grow connections with peers in other year groups and build a strong sense of community. Opportunities to make a difference were embraced by the House communities, from raising money for charity through Valentines events and volunteering at water stations for Run Reigate, to collaborating in House families to design eco fashion items, whilst raising awareness of sustainability. We look forward to seeing the House system continue to thrive and grow as we begin che RGS350 decade of making a difference. Model United Nations The Model United Nations Society at RGS remains one of the school's most popular clubs, attraccing many students, particularly in the Sixth Form, who are passionate about politics, law and international relations. Both our senior and junior clubs meet weekly to debate global issues, building critical thinking and public speaking skills. In October 2024. we hosted the 28th annual ReiMUN conference, welcoming 280 students coming from 21 schools. The event featured a keynots speech by a former UN official and in this conference the MUN committse introduced a paperless system for processing re501utions using QR codes. which was praised for its efficiency and environmental benefits. The conference a150 provided an excellent opportunity for the Sixth Form MUN committee members to develop leadership and organisational skills by managing such a large-scale event. Additionally. our Students represented RGS at conferences hosted by Gordon's School and Lingfield College. earning several awards for their efforts. These events were particularly inspiring for first-time participants. who gained valuable insights and experience in diplomacy and debate. We are proud of the dedication and achievements of our students and look forward to another successful year for RGS MUN! Music 2023-2024 was the year of the Music Department's Journey of Musical Discovery in which we soughL in both academic and co-curricular contexts, to explore music from different corner5 of the world and from unfamiliar and lesser-known composers - whilst continuing to enjoy and discover the 'greats' of the classical, jazz and contemporary music worlds. page 9 Reigate Grammai- School - C011501idèted Financial Statements for the year elided 31 August 2024 We h05ted a very full programme of concert performances from informal showcase concerts for soloists and small ensembles to the ever-popular bands, orchestras and choirs which feature in the major concerts of the year. RGS in Concert at Dorking Halls, RGS in Concert at the 02 Indigo, Hartsfest, Plugged. Unplugged and Lower School Unplugged, Showcases and much more. Live musical performances continued to be an integral part of all school events with open morning, assemblies. services and evening events invariably prominently featuring RGS musicians. The RGS Music Partnership Project continued to thrive, enhancing and developing the provision of music education in our community. Music department staff continued to visit local primary schools on a weekly basis. working with class teachers to deliver an engaging and inspiring music education programme and the RGS Staff & Parent Choir. rehearsing on a weekly basis under the direction of the Director of Music and Head of Choral Music continued to expand its membership, with many RSM parents joining too. RGS Saturday Music College, continued to provide musical opportuniry for student5 aged 6 to 18 from a variety of education settings through weekly instrumental lessons. In the region of a hundred students sat ABRSM examinations, a high proportion of whom were at Grade 7, 8 and Diploma levels. Two Lower Sixth Form students successfully auditioned for the Royal College of Music Junior Department, adding to the Upper Sixth Form students already there. Academic music continued to thrive with encouraging GCSE and A Level results: 50% 918 at GCSE and l 00% A* at A Level. One A Level student has taken up at place to read Music at Durham Universiry with a scholarship. Sport Sport at Reigate Grammar School continues to evolve, showcasing our commitment to developing great people through sport. This year. our values-based approach has fostered a culture of inclusivity, excellence, and teamwork with significant milestones achieved across a range of sports. A move from single-gender tours to multi-SPOrt events has broadened opportunities, while the creation of a parent forum has strengthened communication and collaboration between families and the school. Leadership in sport has been enhanced with the recruitment of new Heads of Swimming, Netball. and Football, ensuring expert 8uidance for our pupils. Partnerships like the one with Dorking Wanderers Football Club have added depth to our provision. with a long-term coaching and development plan now in place. Our teams have enjoyed unprecedented success thi5 year. In hockey, RGS became the first School to qualify four teams for the National Finals from a possible six. cementing our status as a powerhouse in the sport. Boys, 1st Xl cricket finished l Oth nationally in the SOCS performance league, competing against the top 150 schools in the UK. Golf and skiing teams athieved Top l O finishes in national competitions, further reinforcing RGS'S reputation as a leading school for these sports. Individual excellence has also shone brightly* Wlth national winners or medalli5ts in gymnastics. pentathlon. skiing, ballroom dancin& and hockey. Our 350th anniversary celebrations are being marked with extraordinary events. including an international hockey match at H2rtswood and a showcase rugby fixture at Saracen5' ground. Medical provision has been strengthened, with more physios, enhanced first-aid training for staff, and the continuation of our concussion management programme. The high- performance hub remains central to 5UPPOrting our athletes with seminars on nutrition. sleep. and strength training. This year also saw us deepen our connection5 With the wider RGS family. h05ting visits from international schools and expanding support to our community. Academic PE continues to thrive with excellent results. At GCSE, 34Yo of pupils achieved a grade 9. and 94% of grades were 7-9. At A Level, l Ooyts of grades were AIA* BTEC Sport results were l 00% Distinction* the highest grade possible in BTEC. Review of Activities 2023-2024 - Refgate St Mary'5 Preparatory and Choir School The academic year began with the highest number of pupils we have had for a September start. Numbers in January, when our younger children joined us prior to their third birthday, took our numbers to the equivalent of the maximum we have ever had at 403. The surplus generated has enabled the school to invest in improved facilities, with more sustainable lighting, a new roof for the pavilion, a new artificial cricket wicket. improved fencing around our multi-use game5 areas and redecoration of nursery classrooms in line with latest pedagogy. Ongoing investment into the integration of IT into the curriculum and research into the place of Al, for both teachers and learners, has been a focus during the academic year. Key staff are championing this area bringing colleagues along with them, keeping RSM at the forefront of innovation and future relevant education. page 10 Reigate Grammar School - Consolidated Financial Statements for the year ei)ded 31 August 2024 Academic outcomes remain high with almost l 00% of Early Year5 children exceeding expectations in all areas of developmenL through to more than 90Yo of our Year 6 leavers moving onto our selective senior school. Leavers also moved onto Lingfield College. Box Hill, Downsend, Moore House. Dunottar, and Atelier 21. Pastoral care remains a strength of the school, and this has been commented upon by visitors. both parents and professionals supporting individuals at the school. Our SEND provision has increased further with more small groups and one-to-one intetyentions. to help meet the needs of pupils who struggle to keep up with the fast paced environment. These are pupils that we believe have the ability to thrive in the long run. when they have overcome some obstacle at their particular developmental stage. The school has also increased the level of ELSA support (emotional literacy), and a member of staff has been trained in drawing and talking therapy to also support with social and emotional needs. The Godfrey Searle Choir has continued to grow with pupils from both RSM and RGS, and the choir has performed in a number of outreach events, notably to the Chelsea Pensioners, where their singing was greatly received and reciprocated. Other outreach and charitable works have included teas and singing for retired members of the local community. and the school has raised money for local, national and In￿rnatIOnal charities, with children engaging in a number of activities to instil in them a desire to help those less privileged than they are. Residential trips were run for the top three year groups, ranging from a single overnight stay in a local outdoor pursuit centre for our Year 4 pupils through to the North Wales residential with the ascent of Snowdon. This ties in with the school's keen focus on ESR, (education for social responsibility). and in this vein, the school ha5 continued to work to produce promotional videos to highlight aspects of education which help children elsewhere to have a deeper understanding of environmental issues. This was particularly so when pupils were involved in producing a promotional video for the Breteau Foundation about their free resource pack available to all primary schools regarding plastic pollution. So pleased were the directors of the foundation that this video was shared at the COP 28 conference, screened to world leaders. In another success, Year 6 pupi15 competed in the regional Lego League robotics competition, bringing home a trophy. even though they were competing against children up to 5 years older than themselves. The school continues to run a plethora of extracurricular activities, ranging from chess to karate, with 66 different clubs on offer to children 2cross the age range. RSM also lends its resources to local community groups. including the church, local primary schools and sports clubs. Review of Activities 2023-2024 - Chinthurst School During the 2023124 academic year. excellent results were again achieved. with 42 Year 6 children all gainin8 places at the schools of their choice. Out of this cohort 25 accepted offers from RGS, and 15 children accepted offers across Epsom College, Box Hill, Dunottar, Woldin8ham, Kingswood House, Downsend and Duke of York's Royal Military School. Additional offers were also received from St Johns, City of London Freeman's School, Cranmore, Reeds and Worth School. 12 RGS Scholarships were awarded, and a total of nine scholarships to other schools. During the year to 31 August 2024. Chinthurst continued to demonstrate strongly with both its Sport participation and performance. A total of 21 O fixtures were played covering football, netball. rugby, hockey. cross-country, cricket and swimming with the aim each week to have one fixture for each child. The gender-neutral sports programme continues to work well. with children enjoying the opportunity to choose their main sport for the term. The wide choice of extra- curricular clubs also gives the children opportunities to try different sports or further develop their main sport choice. A highly successful multi-sport week was again organised. which gave the children opportunities to try some alternative sports. These activities were either taken by the sports department or by visiting specialist coaches. including an Olympian athlete and professional golfer. The arts continued to go from strength to strength at Chinthurst with the ar¢ music and drama department surpassing the previous year's successes. The music department continued to offer tuition on piano. violin. cello. flute. guitar, drum kitlpercussion, voice, and trumpeL with keyboard. recorder, violin, ukelele and djembe drums taught in classes from Year l. Ouryoung instrumentalists also enjoyed the opportunitytojoin our School orchestra to develop their ensemble playing and there were several opportunities for them to perform in front of an audience. In music, 107 children learnt a musical instrumenL The drama department has also gone from strength to strength in the 2023-24 academic year and has surpassed all records and achievements from the previous year. In November 2023, 17 students were entered for their LAMDA drama exams and all 17 were awarded DISTINCTIONS. This was followed in June with a record number of169 children entrred for their LAMDA drama exams (varying from individual acting exams, duologue performance5 to poetry and page11 Reigale Grammar School - Consolidated Finaiicial Statement5 for the year ended 31 August 2024 prose recitals) and 2 total of I I students were awarded high merits (757.- 79%) and a phenomenal 158 children achieved Distinction award5 (80Yo and above). Our proud record of l OOY. pass rate and at least 85°A of all entries receiving Distinction awards were again maintained. Looking ahead to this current academic year. almost 40% of the school is taking additional LAMDA drama lessons. Our co-curricular provision provided the opportunity for all children to sign up to 24 clubs to further enhance their schooling experience. These included sport coachin& singing. ballet and tap, musical instrument lesson5, cooking, crafts, Mandarin. Nature and Wildlife, construction, chess, coding and Lcgo to namc a fcw. Significant changes to Chinthurst School's outdoor facilities were put in place in thi5 academic year, with new playground equipment bein8 installed. This consists of a new trim trail and a larger replacement climbing frame. providing more challenge for older children. New playground markings have also been added to the upper school. lower school and nursery play areas, We replaced the surface of our astro pitch and resurfaced the cricket wickeL improving those facilities substantially. The frontage of the main entrance was also improved with new hardwood windows installed in the front of our Main Building and the entranceway resurfaced with new tarmac. In lower school, the external fencing on our nursery playground was improved with a new vehicle and pedestrian gate and the reception cloakroom area refurbished together with a new mural. Additions to improve the fire alarm in the swimming pool area have also been put in place. The pool area has also been improved with the addition of a larger foyer area between the pool and the changing rooms. The kitchen has had a new oven and dishwasher installed. We continue to upgrade our lighting Wlth LED fittings, changing these in several classrooms, corridors. the school office and the kitchen. Work in Morris House includes a new air conditioning system in the IT room and the replacement of two classroom floors. as well as new external fire exits. To improve health and safety for theatrical productions, new freestanding stage lighting is now being used. New small group workspaces are in place, and, in lower school, a wellbeing room and library have been developed. We continue our success in the Green Flag Eco School system, securing another year with merit. Our new house system, with four houses, has shown considerable success with increased charitable fundraising for charities including The Children's TrusL RNLI, The Sheldrick Wildlife Trust and Great Ormond Street Hospital, together with other school fundraising drives for Renewed Hope, The Church of the Good Shepherd, Solving Kids Cancer, Children in Need, Save the Children and Comic Relief. We have also increased our partnerships with other local schools and community groups, by providing access to our facilities. Review of Activities 2023-2024 - Micklefield School The 2023-24 academic year has been another successful year at Micklefield with many exciting achievements and enjoyable events. Following on from our successful inspection in March 2023, where the school was graded 'Excellent' in all areas by ISI, the school continues its commitment to providing an educational experience that exceed5 expectation5, ensuring that our children leave Micklefield with a genuine and passionate love for learning. Our children's success is testament to their firm understanding of our values and their growth mindset approach to learning. This year, our Year 6 cohort received an impressive 70 offers to local independent senior schools (Box Hill. Caterham, City of London Freemans, Downsend, Dunottar. Lingfield College, Reigate Grammar School, St Teresa's, and Worth). including 39 scholarships. Over the past six years, on average. Micklefield children have received over 60 offers to some of the top independent senior schools in Surrey, including a high number of scholarships for Academic, Sports or Performing Arts. Micklefield is a school making exciting changes for the future. incorporating traditional values with a modern vision. Despite operating in a challenging economic climate, we have not only sustained our growth but also witnessed strong progress in the past few years. Our pupil enrolment has increased significantly and our Nursery, which supports children to get 'school ready,, continues to thrive. At Micklefield, we understand the importance of holistic developmenE ensuring that our children's educational, emotional, and social need5 are meL At the end of the summer term we were delighted to hear that we had been awarded the Eco-schools Green Flag award with Distinction! We are very proud of this award as it recognises that the staffi young people and site are making great efforts to support the health of our planeL Our curriculum is a testament to our commitment to inclusivity and diversity. We believe in exposing our children to various perspectives and cultures, empowering them to become global citizens. An example of this belief is how most page 12 Reigate Gi'aniinar School - Con501idated Fiiiancièl Statemerlts for the year ended 31 August 2024 days we begin with an energetic and enthusiastic whole-school assembly singing 5e55ion of exceptional quality. Children have also been instrumental in promoting sustainability by leading on initiatives such as reducing energy, waste and litter as well 2$ taking part in charity events both in and outside of school, e.g. litter picks and raising money to protect our oceans. We all enjoyed another very special week at Micklefield with our STEM Olympics Theme Week which took place in the Spring term. The children enjoyed taking part in many activities like the STEM Olympics Opening Ceremony, Dance, Math5, BMX and scooter workshops, a visit from a Gold Medal Paralympian, QR code hunts, an Escape Room experience. Silly Olympics, shoe box games and finally the STEM Olympics closing ceremony. The week focused on resilience and developing a growth mindset. It also reminded the children that barriers are only temporary and hard work and perseverance can lead to improvement and success. We take great pride in instilling strong values of social responsibility, sustainability, and environmental consciousness in our children from the outset. In Nursery. there 1$ an ongoing 'Be the Change, project taking place. The children have been helping to make simple changes around our Nursery to help look after our planet. The Nursery created their own class compost caddy and now collect their own fruit and vegetable scraps so that these can be turned into biofuel. Children in the Nursery also took part in rich learning around the theme 'lntergalactic Space Exploration,. They were given the opportunity to extend their creative and critical thinking skills by designing, making and creating their own space buggies. They also learnt about NASA'S space training program, experienced what space training was like and created their own space food. Central to our ethos is the well-being, safety, and happiness of our children. Our school community thrives on a strong partnership approach. fostering collaboration and open communication between our staff, children, and parents. We have firmly established core values of kindness, respec¢ responsibility, and resilience, which permeate every aspect of our school life. It has been a privilege to observe the children fully immerse themselves in the many excitin& enjoyable and learning experiences throughout the year. A big thank you must go to all the staff at Micklefield for going above and beyond so that each and every pupil receive5 the very best educational experience. The merger with the RGS Group was announced in the Spring term. This is exciting and positive news for Micklefield bringing mutual benefits and allowing Micklefield to continue to thrive for the long term in its current location. RGS International RGS International Ltd (RGSI) was established in 2017 as a l OO%-owned trading subsidiary of RGS with a strategic vision to establish British-style schools around the world under licence from RGS. RGSI aims to deliver an increasing international dimension to the opportunities, understanding and experiences of our pupils as part of a global village- financial support for further investment and bursaries., and the opportunity to enhance the educational experiences and outcomes of pupils in countries with less developed education systems. We consider RGSI expansion opportunities carefully and only pursue these if we are satisfied that the international schools share our ethos and values and we are able to exert influence over quality Standards in key areas such as pupil welfare and pastoral matters, teaching and learning philosophy, and curriculum design. RGSI signed new multi-school partnerships, one in Vietnam in 2021 and the other in Saudi Arabia in 2022. Two schools have been re-branded to become RGS Vietnam and RGS Riyadh. with a second school campus having opened in Riyadh in September 2024. RGSI also has a School agreement in China. with our first school in Nanjing being open at Kindergarten, primary and now high school level. Recent regulatory changes in China mean5 that plans for further schools under this agreement are currently on hold. RGSI has stepped up its global busine55 Strategy in the last twelve months, signing an agreement for two schools in the UAE (Sharjah and Dubai), due to open in 2026 and 2027, and since the year end has signed an agreement in Cambodia to open a school in Phnom Penh in September 2025. Meanwhile, FiGSI has signed MOUS in other locations, including Malaysia and Turkey. RGSI continues to work towards further diversification in its geographical coverage and global reach and we are continuing to explore other potential projects in the Middle Easc South-East Asia and Europe. page 13 Reigate Grammar School - Consolidated Finaiicial Statemeiits foi- the year ended 31 August 2024 Plans for the future During the 2024125 academic year, the Schools continue to focus upon a balance of visible projects to enhance our provision for pupils. as well as conducting repair and refurbishment programmes for the school estates. At RGS we have been Successful in obtaining planning permission for a new Sports Centre and are currently planning how to take this exciting project forward. We have plans to improve the estates at each of the four schools this academic year: During the 2024125 academic year at RGS we are planning the refurbishment of the Wright Gallery area. in whleh we welcome guesrs for drama performance5. We are a150 makiiig plaii¥ for Iioyi Lu b¥sL uLilise aiid refurbish the current 1970s Sports Hall once the new Sports Centre ha5 been constructed, probably with a new performing arts and drama space. At Reigate St Mary's, in 2024125 we plan to replace the fencing around one of the Multi Use Games Areas. and to renew the awning for one of our Kindergarten classrooms with a permanent covered area. At Chinthurst School we are planning to relocate the maintsnance area and to replace some flat roofs. At Micklefield we are aiming to refurbish a wooden building which is currently used as storage to create a new outdoor classroom and after-school care facility. Across all four schools, we will continue to invest in the IT infrastructure to support the delivery of IT in the classroom. All four schools are operating with high pupil numbers and to continue our success as a group of schools. Our target is to maintain exam results at the very high levels of recent years and to continue to help students on to the best next step beyond school. In the future that will continue to be Oxbridge and Russell Group universities alongside assisting pupils with applications for programs such as degree apprenticeships. In la￿ March 2025, the Board of Governors signed an agreement to welcome St Christopher's School, Epsom to the RGS group of schools with effect from 30 April 2025 (see note 22 Post Balance Sheet Event). Reserves Policy The Governors adopt a prudent and cautious approach in managing the financial resources of the Schools. They maintain close control over expenditure and set fee income at a level which will: meet all revenue expenditure, as well as the c05t of providing some bursaries. genera￿ a surplus sufficient to provide an adequate level of interest cover on the Schools, financing costs. provide a level of cash flow that is appropriate for the financing of the Schools, capital expenditure programmes. and maintain, as far as Possible. stability in student numbers. The RGS Charity has eight restricted funds totalling £4.9m, as follows (please refer to Note 16 for more details): The RGS Foundation was set up to hold monies from fundraising undertaken by the Schools. All monies received have been credited. on the instructions of the individual donors, either to the 1675 Bursary Fund (which has £4.7m at 31 August 2024). or to a General Fund (which has £90k at 31 August 2024); There are six smaller restricted fund5. Wlth their associated values as at 31 August 2024, with the most notable beins. the l 00 Club fund (for providing opportunities for school trips. £29k), the CCF fund (£3k) the Stanley James Osmond Bequest (for the house system at RSM, £5k) and the Daniel Clarke fund {£3k}. Chinthurst has one fund, the Illing Prize Fund, which is used towards annual prize5 given by the school, which totalled £9k. The RGS Trust has three restricted funds totalling £2.35m as follows (please refer to Note 16 for more details): The Paul Bewshea Fund (to provide financial assistance to students who have shown an interest in aviation or science as a career, £26k)' The Foundation and Charity Funds (for prizes and awards, £13k)', and The Godfrey Searle Property Fund (created by the donation of land and buildings by the Godfrey Searle Choir Trust in 2011, £2,312k). The designated funds relate to a building development fund for the Balance Building and total £282,814 (2023: £282,814). Unrestricted reseryes (general reserves) total £35,161,272 (2023: £24,614.485). As a consequence of this 2pproach. all unrestricted reserves have been re-invested to improve the facilities of the Schools so there are no free reserves as defined by the Charity Commission. The Governors consider that the Group's assets are sufficient to meet its obligations. page 14 Reigate Gi"ammar School - Consolidated Finaiicial Statement5 foi- the year ended 31 August 2024 Financial Results In these Financial Statements for che year ended 31 August 2024. 'the Charity, represents the results of RGS, RSM, Chinthurst and Micklefield. 'The Group, result5 include the Charity, Reigate Grammar School International, the RGS Trust and Reigate Grammar School Trading, Limited for the tyielve months ended 31 August 2024. During the year the Group achieved net income before other recognised gains and losses of £10,589,581 (2023: £2,932,486). This has been a successful year for the Schools. with excellent results, increased pupil numbers and a stable staff body. The overall impact is that the net assets of the Group increased from £31,512,935 to £42.665.729 during the year. Since the year-end, the new Government has implemented its policy of imposing VAT on independent school fees. Our schools have supported families by sharing the cost. In January 2025, we reduced our fees $0 that the increased cost to parents of the new tax was circa 13% rather than 20%. We appreciate that the imposition of VAT on tuition fees is challenging for many families and so our means-tested bursary programme has been extended to support those whose finances are put under significant pressure by the addition of VAT. The imposition of VAT, loss of business rates relief. and significant increase in Employerfs National Insurance all put pressure on school finance5 but the Governors are confident that the RGS Group of schools is very well placed to face these challenges in the 2024125 academic year and beyond through strong financial leadership and by continuing to boost our non-fee income from sources such as lettings, international school partnership5 and fundraisin8 via philanthropic giving. Structure, Governance and Management Governors, duties under Section 172 of the Companies Act 2006 Section 172(1) of the Companies Act 2006 requires that a director of a company must act in the way they consider. in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard to: the likely consequences of any decision in the long term", the interests of the companls employees,. the need to foster the company's business relationships with supplier5, Customers and others,. the impact of the company's operations on the community and the environment., the desirability of the company maintaining a reputation for high standards of busine55 conduct; and the need to act fairly between members of the company. The Governors of the Schools have undertaken the following measures to maintain open working relationship5 and engage with employees at all three schools.. Governors engage with senior staff from across the four schools in the Board Committees and Board of Governors meetings which occur regularly during each term. There is ongoing liaison between senior staff and Governors on a range of matters ranging from educational, estates, financial, Safeguarding, recruitment to health and safety and the wellbeing of staff and pupils. Governors are also in active dialogue with senior staff regarding any issues or concerns as they arise. such as any parental complaints. Safeguarding or pastoral matters. There s also a designated HR Governor who oversees 211 HR matters., The progress of all staff, from performance to wellbeing, is monitored by the Education and Welfare Committee of the Board. Governors meet new staff who join during the year at an informal event held prior to the first Committee meeting of each academic year. All Governors are now available to contact on school email accounts, which has increased their accessibility to all staff across the three schools. Through the ongoing dialogue with the senior teams of the Schools, Governors have been ensuring there has been ongoing information and communication with all staff. For example, this occurs at RGS with weekly staff bulletin and a whole teaching staff weekly meeting: and Governors and senior staff encourage a culture of openness and discussion, which helps ensure employees are well briefed on developments impacting their employmenL page 15 Reigate Gi-ammai. School - Coiisolidated Fiiiancial Statements for the year ended 31 August 2024 The Governors ensure that they are up-to-date and engaged with parents, pupils, the school communities and suppliers of the Schools through the following.. Governors regularly attend school events, from concerts to art exhibitions to parents, evenin8S to ensure that they are abreast with school matters which impact upon staff, parents and pupils. Governors continue to monitor and foster the engagement be￿een the Schools and the community, which has been outlined in detail in the 'Public Benefit, section of this report on pages 6 and 7. Governors have recently been fully involved in our 'lnclusion and Diversity Review. as we continue co review Equallcy, Dlverslty and Incluslon of both pupils and staff witliin our 5cliool5,' Governors have also input to developing areas of the curriculum, such as Relationship & Sex Education (RSE)- Governors also review third party reports, such as the Independent Surrey Safeguarding Review (which took place in November 2021) and Health and Safety reviews from the consultants, Assurity. and Governors have regard to the need to ensure good working relationships with the Schools. suppliers and suppliers are paid on or before invoices are due. Risk Management and Internal Control The Schools maintains a Major Risk Register which the Governance & Risk Management Committee reviews annually, prior to this being circulated to the Board of Governors. The key risks identified. which are common to most independent schools, are the impact of the present economic climate on the ability of parents 2nd prospective parents to afford fees (particularly with VAT having been levied on school fees), changes in the political climate and the challenges which would face the Schools if there was a major incident. Every major risk in the register has a number ef separate actions which are taken in order to mitigate them as far as is possible. For example, fee increases are kept to a minimum to ensure that they remain affordable for current and prospective parents and budgets are prepared with contingencies for unexpected event5. The schools update their Fire Procedures regularly and performs routine risk assessments of all extra-curricular and co-curricular activities. The Committee monitors the effectiveness of internal and other controls which have been instigated to mitigate these perceived risk5. The Committee also reviews any major risks that may arise from time to time, as well as the systems and procedures established to manage them. The G'overnors are satisfied that all major risks have been mitigated 3$ much as is possible. Simplified Energy and Carbon Reporting - Annual Submission for the year ended 31 August 2024 The energy use is predominartly from school buildings with a small amount from tran5POrt which 15 mainly minibuses. This report has been prepared in accordance with the Environmental Reporting Guidelines January 2019. Data reported here is based on three applicable sources. Scope l Direct emissions derived from road fuel use for transport and the combustion of gas within stationary plant and equipment. Scope 2 - Indirect emissions are derived from metered electricity supplie5 to the various buildings which comprise the estate. Scope 3 mileage claims where staff used their own vehicles on school business. UK Energy Use by Scope SCOPE TOTAL kwh USED TOTAL kwh USED 31Au ust 2024 104,444 21,026 2,915,254 1,313,547 4,857 4,359,128 31Au ust 2023 109,250 24,001 2,831,419 1,363,767 8,281 4.336.718 Sco e l -Trans ort Sco e l Grounds e ment Sco e l-Gas Sco e 2 - Electricit Sco e3-Milea e claims Total kwh Used page 16 Reigate Grammai- School - Consolidated Financial Statements for the year elided 31 AugusL 2024 UK Emissions by Scope SCOPE TOTAL kgC02e 31Au ust 2024 24,756 5,026 533,200 271,970 TOTAL kgC02e 31Au ust 2023 25,833 6,240 517,949 282,401 1,961 834,384 Sco e l Trans ort Sco e l Grounds e ui ment Sco Sco e 2 - Electrici Sco e 3 Milea e claims Total k C02e 836,070 Emissions Intensity Ratio It ha5 been decided to use the total full-time population of the schools as the metric for comparison for SECR. This comprises the full headcount of staff of468 <2023.. 459) plus the average pupil numbers across the three schools for the school year 1,827 {2023- 1.784). The total population of the schools for the year 2023124 was therefore 2,295 (2023.. 2,243). resulting in the 202312024 EIR being 364.30 (2023: 371.99) ksC02elperson. Despite a small increase in both kwh of energy used and. as a resul¢ a small increase in absolute C02 emissions, the EIR for this year ha5 continued to fall. Given the 3Yo increase in gas consumption (which is within the margins of being accountable for by variation in outdoor temperature year-on-year) this is a very creditable result again. All other energy uses and emission sources reduced during this year. Micklefield School Micklefield School became part of the Reigate Grammar School family on 28th June 2024. hence there are only two months of data to report. For this reporting year, this data is reported separately to avoid affecting the year-on-year comparisons. UK Energy Use by Scope SCOPE TOTAL kwh USED 117124 3118124 1,786 11,769 13,555 Sco e l Gas Sco e 2 - Electricit Total kwh Used UK Emissions by Scope SCOPE TOTAL kgC02e USED 117124 - 3118124 327 Sco Sco e 2 - Electricit 2,437 2,764 Total k C02e The above represents two months of data from the acquisition until the financial year end and is included here for completeness. Micklefield School wa5 awarded the Eco Schools Green Flag Award with Distinction in July 2024. Specific measures taken at Micklefield during thi5 School year include: Timer5 have been fitted to four large water heaters to reduce out of hours operation One of the five ga5 boilers was replaced with a new high efficiency condensing gis model A programme of replacing older style fluorescent lighting with LEDS has continued page 17 Reigate Grammar School . Consolidated Financial Statements for the year ended 31 August 2024 Staff awareness training has taken place to encourage the switching off of lights and heaters when a room is not in use and closing of external doors to prevent heat loss. Emissions Intensity Ratio As the data reflected above is only for the last two month5 of the year, there is no meaningFul EIR to be calculated for this SECR period. Emig9iong reductiong actiong during thi9 financial year RGS has an ongoing programme aiming to reduce energy consumption. and hence C02 emissions. which has been running for some years now. This year's projects have included: At RGS: New plant & equipment (boilers etc) were installed in the Sportslconcert Hall building, Hartswood sports building and one of the residential properties. Plans are in place to upgrade equipment in a prioritised and phased manner in future years. All plant & equipment running hours are reviewed termly to reflect seasonal needs to achieve comfort levels in a range of different buildings with reduction of energy usage outside core hours including evenings, weekends and holidays where possible. The most energy efficient buildings, the Harrison Centre, PMH dining hall and Sport I Concert Hall areas are prioritised for use for parent's evenings and other school events out of hours to maximise the use of newer plant and reduce where possible the use of less efficient buildings and systems. An energy awareness programme continues to curtail any non-essential uses such as lighting in areas not in use, with the caretaking team only switching on lighting in key areas each morning 50 that staff can turn on lights when they actually need to use more individual spaces. A similar exercise is undertaken during che evening lockdown with the team focusing on all areas not in use first for shut down whilst events I clubs etc continue in other areas. The programme for LED lighting upgrade continues with the most frequently used spaces such as classrooms. large venues, corridors and offices being prioritised for upgrade. At Reigate St Mary's: LED replacement programme has continued. To date I I classrooms, kitchen, staff room, wellbeing room, 3 offices. security and flood lightin8 have been actioned. A new control system has been installed to enable full control of timings and temperature settings to the heating system in Beech House. An enhanced energy awareness programme has been introduced to curb non-essential uses such as lighting. At ChinthursL' A further six (total now eleven) single g12zed windows to the main building have been replaced with modern double glazing reducing heat losses and cold air ingress. A programme of replacing older style fluorescent lighting with LEDS has continued, notably in the school office, kitchen and several classrooms. An enhanced energy awareness programme continues to curb any non-essential uses such as lighting, including the automatic shutdown of Pcs initiated to prevent any being left inadvertently out of hours. New freestanding theatrical stage lighting has been put in place to remove old. high wattage units. Emi55ions Reductions from Scope 3 Emissions Aside from mileage claims. Scope 3 emissions are beyond the mandated scope of this report as they deal mainly with emissions arising from the activities of suppliers or customers of an organisation which are not directly controlled by the organisation itself. RGS has, however. been instrumental in encouraging its contracted supplier of coach transport for pupils to change their fleet to coaches whose emissions meet PSVAR Euro Cat. 5 or 6, which mandates a higher standard for vehicles of this type. The coach company now transports on average 400 students (approximately 35/0 of the student population) on twelve coach routes, to and from the school - this removes up to 400 family cars off the routes and should impact the traffic congestion and carbon emissions in and around Reigate's roads. The coach company has invested in three new large coaches which will run more efficiently with regard5 to fuel consumption and carbon emissions. As a major customer. RGS has been proud to encourage and support this change. page 18 Reigate Grammar School - Consolidated Fiiiancial Statements for the yeai- ended 31 Auoust 2024 Emissions reduction actions planned for the next financial year There are a number of fairly major medium-term projects which are now under active consideration which once enacted will encompass a range of energy efficiency measures. These may however span more than one year hence are not detailed fully at this stage. The preferred use of the more energy efficient buildings such a5 the Harrison Centre for out of hours activities, parent's evenings etc will continue to reduce non-core consumption. Energy efficiency policies for staff and pupils will continue to be further developed in order to increase awareness and create an ethos around the same. RGS has been awarded the Eco-schools Green Flag Award with Merit having now formed a substantial Eco- Committee to address and formulate a plan towards nett zero. Work is planned to refurbish the roof on the Chinthurst reception and nursery classrooms including improved insulation. As with all years, where older lighting types fail, these are being replaced with modern LED fittings. Emissions Reductions Ambitions and General Policies All new buildings are built to enhanced standards so heating and ventilation are predominantly natural. As boilers are replaced, they are replaced with more efficient ones. The Schools, energy predominantly comes from certified renewable energy sources (REGO). In any new building projects photovoltaic panels for the roofs are actively scoped to produce energy for the school. In any new building projects ground or air source heat pumps are actively scoped with a view to installation in preference to tradition21 heating sources. Investment Policy and Performance The Group has an Investment Manager, Rathbones Group, to manage funds on behalf of the RGS Foundation. A core strategic objective for the RGS Foundation and the 1675 Bursary Fund was to provide at least fifty sustainable places for 1675 Scholars by 2025 and to build an Investment Fund of at least £4m by this date, which has now been exceeded with sixty-one 1675 scholars in 2024125 and a fund value at the year-end of £4.7m. The RGS Foundation seeks to produce the best long-term financial return within an acceptable level of risk. We assume a 'medium' level of risk. The mandate to Rathbone5 as the Investment Manager is discretionary. As at 31 August 2024, the Group had transferred £3.86m into this Rathbones fund (2023: £3.81 m) and an unrealised investment gain of £552,425 (2023: a loss of £25,270) is recogni5ed in the year. The net gain on other investments across the group totalled £10,285 in the year to 31 August 2024 (2023: a loss of £12.01 O). Considering current market conditions, the Governors are satisfied with the investment performance of both funds. The RGS Foundation - 1675 Bursary Fund The Foundation and Alumni Office has the twin purpose of maintaining contact with alumni through Yarious events and reunions and the important task of obtaining donations for the Changing Lives campaign. With clu5ter5 of alumni now in contact in North Americ& Singapore, Hong Kong, the Middle East and Australia, a5 well a5 those in this country, these twin objectives have been very successfully achieved, resulting in support being provided during the 202312024 academic year for sixty-two recipients of1675 scholarship awards. with a value of £1,250,000 (2023: £1,125,000). Fundraising standards The Governors recognise the importance of meeting the highest standard5 of practice and care in relation to fundraising activitie5. The Group has signed up to the fundraising code of practice and voluntarily registered with the Fundraising Preference Service. The Group keeps benefactors informed about fundraising activities through regular newsletters 2nd reports. All fundraising activity is carried out by school staff, who all have received training on fundr2ising standards. No complaints have been received. The Schoo15 only raise funds from former pupils, parents, staff and those with a personal connection with the school and do not undertake fundraising campaigns to members of the public. pase19 Re7¥ate Gi'ammar School - Consolidated Financial Statements foi" the ye81- ended 31 August 2024 Statement of Governors, Responsibilities The Governors (who are also directors of Reigate Grammar School for the purposes of Company Law) are responsible for preparing the Annual Report of the Governors, incorporating the Strategic Report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of thc state of affairs of the Charity and the Group and of the incoming resources and application of resources of the Group. In preparing these financial statements. the Governors are required to: select suitable accounting policies 2nd then apply them con515tently' observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity and the Group will continue in business. The Governors are responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the Charity and the Group and to enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as we are aware: There is no relevant audit information of which the Charity's auditors are unaware. and The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditor On 18 November 2024 the company's auditor changed its Trame from Haysmacintyre LLP to Haysmac LLP. Haysmac LLP has expressed its willingness to continue in office and a resolution to re-appoint it will be submitted to the Governors. In signing this Repor¢ the Board are also approving the Strategic Report included within these Financial Statements in their capacity as company directors. On behalf of the Mark Elsey Chair of the Board of Governors Reigate Grammar School Reigate Surrey RH2 OQS 6 May 2025 page 20 Reigate Grammai" School - Coiisolidated Financial Statements foi- the year ended 31 August 2024 Independent auditors, report to the members of Reigate Grammar School Opinion We have audited the financial statements of Reigate Grammar School for the year ended 31 August 2024 which comprise the Con501idated Statement of Financial Attivities. the Group and Charity Balance Sheets, the Consolidated Statement of Cashflows and notss to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unitsd Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group'5 and of the parent charitable company's affairs as at 31 August 2024 and of the group's net movement in funds. including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISA5 {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b*515 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions tha¢ individually or collectively, may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. Other information The Governors are responsible for the other information. The other information comprises the information included in the Report of the Governor5. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of 2ssurance conclusion thereon, In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial sta￿MentS or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent matsrial misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matter$ prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Governors (which include5 the strategic report and the direttors, report prepared for the purposes of company12w) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Report of the Governors have been prepared in accordince with applicable legal requirements. page 21 Reigate Grammai- School - Consolidated Financial Statements for the year ended 31 August 2024 Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audi¢ we have not identified material misstatements in the Report of the Governors (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequa* accouiiciiig i-ecoi-ds have not been kept by the parent charitable company: or the parent charitable company financial sta￿MentS are not in agreement with the accountin% records and returns. or certain disclosures of Governors. remuneration Specified by law are not made: or we have not received all the information and explanations we require for our audit. Responsibilitie5 of Governors for the financial statements As explained more fully in the Statement of Governors, Responsibilities set out on page 19, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparacion of the financial statements and for being satisfied that they give a true and fair view, 2nd for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the group's and the parent charitable company's ability to continue a5 a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives ire to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statsments. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detectin8 irregularities, including fraud is detailed below- Based on our understanding of the group, the parent charitable company and the environment in which it operate, we identified that the principal risks of non-compliance with laws 2nd regulations related to The Education (Independent School Standards) Regu12tions 2014. safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 201 I, the Statement of Recommended Practice for Charities {SORP 2019)), and consider other factors such as payroll taxes and VAT. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to improper recognition of revenue and management bias in certain accounting estimates 2nd judgements. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators 2nd tax authorities. Inspecting the outcome5 of any regulatory inspections. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals, using data analytics to focus on higher risk entries; and Challenging assumptions and judgements made by management in their critical accounting estimates and challenge of the underlying assumptions. Because of the inherent limitations of an audi¢ there is a risk that we will not detect all irregularities, including those leading to a material misstacement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial page 22 Reigate Gi'ammar School . Consolidated Financial Stateinei)ts for the year. ended 31 August 2024 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmen( forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's websits at- .frc.or .uklaudi ies. Thi5 description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a bodyj in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitsble company's members, as a body, for our audit work. for this repo￿ or for the opinions we have formed. Jane Askew (Senior Statutory Auditor) for and on behalf of Haysmac LLP. Statutory Auditor l O Queen Street Place London EC4R IAG 14 May 2025 page 23 Reigate Grammai. School - Coiisolidated Fiiiancial Statements for the year ended 31 August 2024 Consolidated Statement of Financial Activities (incorporating income and expenditure account) for the year ended 31 August 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Notes Income from: Charitable activities: School fees receivable Re8lStracion fees Trip income Catering income Coach income Other educational income Donations and legacies Lettings Investments Trading income Other income 33,100,146 105,700 855,159 665,657 489.612 109,092 6,045,260 212,358 266.801 922,995 1,301,750 33,100,146 105,700 855,159 665,657 489,612 109,092 7.297,163 212,358 333,828 922,995 1,301,750 29,733.103 83,100 1,026.383 555,050 386.771 535,744 1.496,811 204,048 72,531 888,592 1,251,903 67,027 Total Income 44,074,530 1,318,930 45,393,460 34,582,133 Expenditure on: Raising funds: Fundraising & Development 482,242 482,242 495,987 Charitable activities: Education 33,055,786 1,265,851 34,321,637 31,153.660 Total Expenditure Net Incomel(Expenditure) from operations before transfers and investment losses 33,538,028 1,265,851 34,803,879 31,649,647 10,536,502 53.079 10,589,581 2.932.486 Unrealised investment gain5 Gain on disposal of tangible fixed assets Net Incomel(Expenditure) 10,285 552.928 563,213 (37,047) 10,546,787 606,007 11,152,794 2.895,439 Pension scheme actuarial (1055e5)Igains Net Movement in Funds for the year (145,000) 10,546,787 606,007 11,152,794 2.750,439 Balance brought forward at I September 2023 24,898,293 6,614,642 31.512,935 28.762.496 Balance carried forward at 31 August 2024 35,445,080 7,220,649 42,665,729 31,512,935 There were no recognised gains and losses Other that those shown in the above Statement of Financial Activitie5. The accompanying notes form an ints8ral part of this Statement of Financial Activities. Detailed comparative fi8ure5 are shown in note 24. page 24 Reigate Grammar School Consolidèted Financial Statements for the year ended 31 August 2024 Balance Sheets as at 31 August 2024 Registered Company number: 03954365 Group Charity 2024 2023 2024 2023 Notes Fixed Assets Tangible Investments 43,493,245 4,871.447 48,364,692 38,454,644 4,255,545 42,710,189 41,990.260 4,869,125 46.859,385 36,873.825 4,253.387 41,127.212 Current Assets Debtors due within one year Cash at bank and in hand 2,192,537 21.709,982 682,317 2,933,536 2,329,264 21,132,538 960,186 2,328,544 23,902,519 3,615,853 23,461,802 3,288.730 Creditors: due within one year 10 (12.236,742) (7.516.286) (13.003,425) (8,309,345) Net Current Assetsl(Liabilities) 11,665,777 (3.900.433) 10,458,377 (5,020,615) Total Assets less Current Liabilities 60,030,469 38,809,756 57,317,762 36,106.597 Creditors: due after more than one year (17.364,740) (7,296.821) (17,364,740) (7,296,821) Net Assets excluding Pension Scheme Liability Pension Scheme Liability Net As5et5 42,665,729 31,512,935 39,953,022 28.809.776 19 £42,665,729 £31,512,935 £39,953,022 £28,809.776 Represented by: Unrestricted Funds: Designated Funds General Reserve Pension Scheme Reserye Restricted Funds 15 15 15 16 283,808 35,161,272 283.808 24.614,485 283,808 34.800.578 283,808 24,212,000 7,220,649 6,614,642 4,868,636 4.313,968 £42.665.729 £31,512,935 £39.953,022 £28,809,776 The Parent charitable company's net movement in funds for the year was a surplu5 of £l1,143.246. (2023: a surplus of £2.247.962). The financial statement5 May 2025 by: roved and authorised for issue by the Board and signed below on its behalf on 6 Mark Elsey Chair of the Board of Governors The accompanying notes are an integral part of this balance sheeL page 25 Reigate Grammar. School - Consolidated Fiiiancial Statements for the year elided 31 August 2024 Consolidated Cash Flow Statement for the year ended 31 August 2024 2024 2023 Net cash oufflow from operations (note (i)) Net cash provided by operating activities 19,072,221 4.352,746 Cash flows from investing activities: PilyITieiits for. tdii¥ible fix¥d asseLS Proceeds from disposal of fixed assets Payments to acquire investments Investment income and bank interest received Cash transferred on merger with Micklefield Net cash used in investing activities (1.798,234) (1,775,961) (52,689) 333,828 3,467,459 (118.492) 72,531 1,950,364 {1,821,922) Cash flow$ from financing activities: Finance costs paid Repayment of bank loan Net cash used in financing activities (550,832) 1,695,307 (562.127) 1,149.057 {2,246,139) Increase in cash in the year 18,776.446 819,640 Opening cash and cash equivalents 2.933,536 2,113,896 Closing cash and cash equivalents £21,709,982 £2,933,536 Cash and cash equivalents comprise Cash at bank £21,709,982 £2,933,536 (i) Reconciliation of net income to net cash flow from operating activities 2024 2023 Net income before investment gains Donated fixed asset5 on merger Depreciation Investment income Interest payable Fair value gains and losses on investment5 Defined benefit pension scheme costs Defined benefit pension scheme contributions (Increase)Idecre2se in debtors (Decrease)lincrease in creditors (Decrease)lincrease in deferred income 10.589,581 (5,967,164) 1,817,618 (333,828) 550,832 65,953 2,932,486 1,567,478 (72,531) 562.127 301,000 (446,000) (135,853) (296,144) 86,817 (1.510.220) 13,909,706 50,257 £19,072.221 £4,352,746 page 26 Re7gate Grammai- School - Con501idated Finaiicial Stateineiits for the year elided 31 Augu51 2024 {ii) Analysis of changes in net debt At I September 2023 Cash flows Other At31 movements August 2024 Cash in hand Sub-total 2,933.536 2,933,536 18,776,447 18,776,447 21,709,983 21,709,983 Loans falling due within one year Loans falling due after more than one year Net debt (1,695,307) 4,948,140 £(3,709,911) 1,695,307 (1.091,557) 1.091.557 (1,091,557) 3,856,583 £16,761,843 £20,471,754 page 27 Reigate Gi-ammar School - Con501idated Financial Statements foi- the year ended 31 AugLlSt 2024 Accounting Policies for the year ended 31 August 2024 The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (Second edition, effective l January 2019). Critical accounting judgnjents and key sources of estimotion uncertointy In the application of the accounting policies, Governors are required to make judgments, estimates and assumptions about the carrying value of assets and liabilitie5 that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting a55ets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. The key judgements affecting the application of accounting policies relate to: The useful economic lives of tangible fixed assets 2. The fair value of the group's investment property 3. The assumptions underlying the valuation of the defined benefit pension scheme position 4. The Governors, judgement is that the surplus on the defined benefit pension scheme at 31 August 2023 and 2024 is not recoverable and therefore has not been recognised in the accounts. (a) Accounting Convention The accounts have been prepared under the historical cost convention as modified by the revaluation of investments. (b) Basis of Consolidation The activities of the Group's one subsidiary charity (the Reigate Grammar School Trust) and its non-charitable crading subsidiaries (Reigate Grammar School Trading Limited and Reigate Grammar School International Limited) have been included in the consolidated accounts on a line-by-line basis and are classified appropriately within restricted and unrestricted funds. (c) Going concern The Governors consider that there are no material uncertainties that would cast doubt on the Group's ability to continue as a going concern. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group's financial statements: Upon the approval of these financial statements in March 2024, pupil numbers remain con51Stently high across all four schools {RGS, RSM, Chinthurst and Micklefield) for the remainder of the 202412025 academic year and projections for the 202412025 academic year and beyond remain positive. A minimal number ol notifications have been received across the four schools from parents to withdraw children from the schools at the end of the 202412025 academic year as a result of the current uncertain economic clima￿. page 28 Reigate Gi'ammar School - C051s01idated Financial Statements foi. tlie yeai. ended 31 August 2024 Accounting Policies for the year ended 31 August 2024 (continued) The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements: (d) Revenue recognition All income is recognised when the criteria of entitlement. measurement and probability of receipt have been satisfied. Tuition fees. less any allowances, bursaries or scholarships awarded from unrestricted funds. are recognised in the period in which the service is provided. Grants, investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis. Donations are accounted for on a received basis. On the 28 June 2024, the assets and liabilities of Micklefield School (Reigate) Limited were transferred to Reigate Grammar School and treated as a donation in the accounts (see note 3a for more details). Other income. which includes fees from lettings and insurance commissions. is accounted for on a receivable basis. (e) Expenditure Expenditure is recognised as soon as the relatsd liability is incurred and ha5 been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Group to the expenditure. Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s). Expenditure on raising fund5 comprises fundraising costs. Finance costs comprise loan interest payable and the net interest cost relating to the defined benefit pension scheme. Expenditure on charitable activities comprises expenditure directly related to the provision of education. Support costs represent indirect Costs relatin8 to raisin8 funds and the Schools, charitable activity. Support costs. including governance costs, are allocated to activities on bases that represent the Trustees. best estimate of actual use. Governance costs comprise the costs of running the Schools as a charity, including strategic planning for their future developmenL auditors, remuneration, certain legal costs and all cost5 of complyin8 With constitutional and statutory requirements. such as costs of Board meetings and of preparing the statutory accounts. Operating lease rentals are recognised on a straight-line basis over the term of the lease. (O Tangible fixed a55ets and depreciation The Group has elected to use the carrying value on I September 2014, the date of transition to FRS 102, of any of the freehold land and buildings previously carried at a valuation. as their deemed cost. All other fixed assets are recognised at COSL Depreciation is provided on freehold buildings in use at two per cent per annum, other than the swimming pool (completed at the end of 2008) which is being depreciated over its estimated useful life of 20 years. The premises at Reigate St. Marfs are freehold assets held within The Reigate Grammar School Trust as a result of the transfer from The Godfrey Searle Choir TrusL The improvements thereon are held within the Charity balance sheet and depreciated at 2% per annum. Depreciation is not provided on Capital Works in Progress until final practical completion of the same. Depreciation is provided on other fixed asset5 to write off their cost over estimated useful lives at the following rates: Freehold Improvements 5% straight line All weather pitch 5% straight line Furniture. fittings and equipment 2070 Straight line Motor vehicles 25Yo Straight line Computers 33Yts Straight line page 29 Reigate Grammar School - CoiisDlidated Financial Statements foi- the yeai. eTrded 31 August 2024 Accounting Policies for the year ended 31 August 2024 (continued) (g) Investments Investments are stated at market value and the investment property Stated at open market value. Any gains or loss on revaluation is taken to the Statement of Financial Activities. (h) Financial instruments B&siL fiiidllLldl i11sli'uiTlelits Li dllbdLLioiis LlTraL I'esulL 11) Llie I'ecogiiiLioi) of fiiiai)cial assets ai)d liabiliLies like (i'ade and ocliei- accounts receivable and payable are accounted for on the following basis: Cosh and cosh equivalents Cash and cash equivalents includes cash in hand. deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts. when applicable, are shown within current liabilities. Debtors ond creditors Debtor5 and creditors are measured at the transaction price less any provision for impairmenL Any losses arising from impairment are recognised as expenditure. Bank borrowings Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced. less capital repayment5. (i) Pension Schemes The teaching staff at RGS, RSM and CH are members of the Department for Education superannuation scheme, run by Teachers, Pensions. Other (non-teaching) staff were members of the Surrey County Council pension Scheme until the 31, May 2024 when the Group exited the scheme. This was a defined benefit pension scheme. Support Staff contribute to the Independent Schools Pension Scheme (ISPS), a defined contribution pension scheme. In accordance with FRS 102 the following elements are charged to the SOFA: The Service costs of pension provision relating to the year, together with the cost of any benefits relating to past service. The net finance cost represented by a charge equal to the increase in the present value of the Scheme liabilities and a credit equivalent to the long term expected return on assets. The actuarial gain or loss on the Scheme assets and liabilities. The difference between the market value of assets of the Scheme and the present value of accrued pension liabilities is shown on the Ba12nce Sheet. Where the Scheme is determined to be in a surplus position, a surplus 15 recognised 2$ an asset only to the extent that this can be recovered in future years through reductions in employer contributions or through a specific refundlreimbursement from the Scheme. (i) Funds Unrestricted Funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is not restricted. They are available for use at the discretion of the Governors in furtherance of the general objectives of the Schools. The Designated Funds portion of the Unrestricted Funds represents that part of the accumulated surplus which has already been specifically designatsd for future disbursemenL The Restricted Funds are monies raised for, and their use restricted to. a specific purpose. or donations subject to donor imposed conditions. page 30 I VO rsLrttXJCO ¢v o I 4 r4 m In ￿ o 04 m r4 CO ¢• N m o ￿ r*4 f*4 0 NO 4 0 0) o y ro O ¢y4 m OJ (44 - o a% (o 888 00000 00000 gggigèèi 00000000000 Oooooooooo r4 m Ln ￿ ts)- 0) 04 441 W W W W W W www 0000000 0000000 OOOc•ooooooo O O 00-LY*￿￿or%I o- r4 (0 r* Q< U (i < Z ¢f < r4 0) Q) Ln m O th Ln 111- 1511° O P4 Q r4 Ln E Lrt O O m co N D Oi J cr4< mo rtcwif UTr Q CO NO ¢Tr m O m Ln rno O Ln rn Ln Lrt o) o c¢ 0￿rn F-wrf4Wr*4 Tr r*4 (O Lrt o r4 f*4 0 r4 Ln *D r4 r*4 0 vn o) el o ￿ o CO r4 ¢0 r4 0 ￿ O r*4 In O) m * oi CWz¥ Q) O IJ CL & 4 o ty ol Dn I o)£ C I¢IL Oxx ol t>n Lnm èEC)Or•4 ¢¢ ¢ ZULL MNS 41 o) O CUUCLOLUU LJ 4J w O 0UCUUUO￿(J Nof•4COe•JPTr l¢y*or4 +y o 00 c c o) UUOr£wJfv P4 rq r*4 Oi m > C£¥ LLrt -1 ! ! Reigate Gramtnar School - Consolidated Fiiiancial Stalemeiits for the year ended 31 August 2024 Notes to the Financial Statements Continued 24. Comparative statement of financial activittes Unrestricted Funds Restricted Fund$ Total 2023 Income from: Charitable activities: School fees receivable Registration fees Trip income Catering income Coach income Other educational income Donations and legacies Lettings Investments Trading income Total Income 29,733,103 83,100 1,026,383 555,050 386,771 131,904 530,000 204,048 23.824 888,592 29,733,103 83,100 1,026,383 555,050 386,771 135,744 1.496,811 204,048 72,531 888,592 3.840 966,811 48,707 33.562.775 1.019.358 34,582,133 Expenditure on: Raising funds: Fundraising & Development 470,432 25,555 495,987 Charitable activities: Education 30,012,357 1,141,303 31,153,660 Total Expenditure 30,482,789 1,166,858 31.649,647 Net Income from operations before transfers and investment gains 3,079,986 (147,500) 2.932,486 Unrealised investment gains Gain on disposal of tangible fixed assets Net Income (12,010) {25,037) (37,047) 3.067.976 (172,537) 2,895,439 Pension scheme actuarial gain5 145,000 145,000 Net Movement in Funds for the year 2.922.976 (172,537) 2,750,439 Balance brought forward at I September 2022 21,975,317 6.787,179 28,762,496 Balance carried forward at 31 August 2023 24,898,293 6.614.642 31,512,935 page 56